Remittances from Egyptians abroad rise 19.6% y/y in Q1-FY2020/21

Remittances from Egyptians working abroad rose by 19.6 percent year-on-year in the first quarter of the 2020-2021 financial year to $8 billion from $6.7 billion last year, central bank data showed on Monday.

A key source of foreign currency for Egypt, remittances also rose 16 percent year-on-year in September, amounting to around $2.7 billion compared with $2.3 billion last year.